LONDON (ShareCast) - (Sharecast News) - Media and technology specialist Iconic Labs updated the market on its corporate situation on Friday, confirming that its administration period was now complete, and control of the company had been returned to the board.
The firm and its advisers were in "active ongoing dialogue" with the Financial Conduct Authority (FCA) to lift the suspension of the listing of its shares as soon as possible, the directors added.

It said all disputes involving the company, its former management, and the European High Growth Opportunities Securitisation Fund (EHGOSF) had been resolved.

Iconic said it signed a £3m financing facility with EHGOSF to pay for its short-term operational needs, and the Company Voluntary Arrangement (CVA) requirements.

After drawing down three tranches under the facility, as noted in its accounts, the firm said it could not draw down any more until the suspension was lifted.

The board said the key provisions under the CVA included that administration fees and preferential and critical creditors were being paid under a payment plan that would end in April or May if the company could continue to access the funds under the EHGOSF financing facility.

Unsecured creditors agreed to a 75% discount in their claims against the company, meanwhile, to be satisfied through the issue of 1,674,130,609 new shares if the CVA payment obligations could also be met.

Secured creditor claims brought against Iconic of around £4.2m were reduced to £0.75m, to be satisfied through the issue of convertible notes.

EHGOSF also reduced its claims against Iconic of £3m down to £0.75m, to be satisfied through the issue of convertible notes.

"Now that the company has been successfully restructured, it is in a much better position than it was when the listing was suspended in June 2021," the firm said in its statement.

"The company will keep the market informed as matters progress regarding lifting the suspension and any corporate developments."

Reporting by Josh White for Sharecast.com.

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